US stainless steel processor buying prices moved up or down within a very narrow range across all grades on Friday.
The daily Davis Index for scrap 304 solids rose to 51.2¢/lb from 51¢/lb delivered processor yard and remained unchanged for 316 solids at 70.5¢/lb for single truckloads.
The index for scrap 304 turnings declined to 46¢/lb delivered from 46.1¢/lb delivered and increased slightly for 316 turnings to 61¢/lb delivered from 60.7¢/lb delivered.
LME nickel prices increased by $284/mt from Thursday with the official three-month LME Nickel contract settling at $13,809/mt on Friday. The official cash contract closed Friday at $13,762/mt, up by $292/mt from Thursday.
Better demand from domestic mills is driving up stainless steel processor prices. However, some processors anticipate a drop in stainless steel scrap values if domestic ferrous scrap prices trend down in early August trade.